January 27, 2021 | 16:39 (GMT+7)
First batch of Vietnamese rice exported to U.K. under UKVFTA
The first 60 tonnes of jasmine rice shipped to the U.K. under the U.K. - Vietnam Free Trade Agreement (UKVFTA) hit the shelves in London on January 26.
The top-quality fragrant rice was imported by the Long Dan Limited Company in the U.K. from the Vietnam National Seed Group (Vinaseed), and the rice is now sold at 15.5 GBP (21.28 USD) per kilogram at the firm supermarket chain.
Since Vietnamese high-quality rice enjoys zero tariff in the UK market under the trade pact, which took effect on December 31, 2021, it will gain competitive edge over rivals, including those from Thailand.
According to the Vietnamese trade counsellor in the U.K. Nguyen Canh Cuong, rice shipments to the European country this year will sharply rise against 2020.
He said more U.K. firms will purchase Vietnamese rice under the UKVFTA, relishing an exciting prospect that Vietnamese rice will expand its market share in the UK this year.
In 2019, the U.K., the world’s 9th largest rice importer, splashed out 531 million USD buying 671,000 tonnes of Vietnamese rice. However, Vietnamese rice only accounted for 0.24 percent of the U.K.’s total rice import. Top rice exporters to the U.K. included India (22 percent of market share), Pakistan (18 percent), Spain (11 percent), Italy (10.9 percent), and Thailand (9.2 percent).
Source: VNA